170.—(1) Where a member of the Board, a member of a committee of the Board, a member of the staff of the Board or a consultant or adviser engaged under section 166 has a pecuniary interest or other beneficial interest in, or material to, any matter which falls to be considered by the Board or a committee, he or she shall comply with the following requirements:

(a) he or she shall disclose to the Board the fact of such interest and the nature of the interest in advance of any consideration of the matter;

(b) he or she shall neither influence nor seek to influence a decision in relation to the matter;

(c) he or she shall take no part in any consideration of the matter;

(d) if he or she is a member of the Board or a committee or both or a member of the staff of the Board, he or she shall withdraw from any meeting concerned for so long as the matter is being discussed or considered and shall not vote or otherwise act as such Board or committee member or member of staff in relation to the matter.

(2) For the purposes of this section, but without prejudice to the generality of subsection (1), a person shall be regarded as having a beneficial interest in, or material to, a matter referred to in that subsection if—

(a) the person or any member of his or her household, or any nominee of him or her or of his or her household, is a member of a company or any other body which has a beneficial interest in, or material to, such a matter,

(b) the person or any member of his or her household is in partnership with or is in the employment of a person who has a beneficial interest in, or material to, such a matter,

(c) the person or any member of his or her household is a party to any arrangement or agreement (whether or not enforceable) concerning property to which such a matter relates, or

(d) any member of his or her household has a beneficial interest in, or material to, such a matter.

(3) A person shall not be regarded as having a beneficial interest in, or material to, any matter by reason only of an interest of the person or of any company or of any other body or person mentioned in subsection (2) which is so remote or insignificant that it cannot reasonably be regarded as likely to influence a person in considering, discussing or voting on any question with respect to the matter, or in performing any function in relation to that matter.